The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), has signed an agreement with a Chadian-Libyan bank The Banque Commerciale du Chari (BCC) for the establishment of an ‘Islamic window’ in Chad, at the recently concluded 40th IDB Group Annual Meeting.

Through this advisory mandate, ICD will assist BCC in launching the first dedicated and truly separate Islamic window in Chad by providing them with total solution covering sharia, accounting, information technology, marketing and communication, human resources and legal aspects combined with an on-site extensive theoretical training and supported by on-job training in Islamic banks, said a statement.

Khaled Al Aboodi, chief executive officer, ICD, said :“For ICD, this co-operation with Banque Commerciale du Chari is a strategic partnership aiming to support the banking industry and the Islamic finance industry in Chad.

“ICD aims to complement Islamic finance’s role as a facilitator of growth and a viable funding mechanism for various economic sectors to fulfill a wide spectrum of financing needs.”
 
Bichara Brahim Kossi, deputy CEO of BCC, said: “It is a historic event which will allow the Banque Commerciale du Chari to be the very first financial institution to develop real Sharia-compliant financing products in Chad. Our goal is to be the privileged partner regarding operations corresponding to the Sharia rules.

“The collaboration between the BCC and the ICD constitutes also a big opportunity for the chadian economy, especially for the small- and medium-sized enterprises, because the leadership and the experience of the ICD in the promotion and development of private sector are not to be anymore demonstrated. For all these reasons we are very pleased and encouraged to establish this partnership with the ICD.” - TradeArabia News Service